Entrepreneurship
Regional Focus on Youth Entrepreneurship
At a recent economic forum hosted by the Bethel Baptist Church in Kingston, a young man came forward to ask the panel of financial experts for tips on how he could be successful in his new business venture. As he made his passionate plea for guidance, I recalled the challenges of my first entrepreneurial effort at 23 years of age.
With the adventurous spirit and eternal optimism of youth, I enthusiastically pursued my business idea, but after a couple of years, I realised that having an innovative concept was not enough to attain business growth. I didn’t know enough about marketing, sales, product development and strategising; and I remember feeling confused and frustrated as I searched in vain for answers on how to build a sustainable business.
Today, with the lack of employment opportunities in Jamaica, many young people are forced to try to make an income for themselves. However, despite the emergence of several organisations designed to assist business development, thousands of young entrepreneurs still struggle to turn their inspirations into profitable ventures, and a large percentage of them will not be successful in their endeavours. Read the rest of this entry »
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Role of Management Quality in Entrepreneurship
Entrepreneurship pertains to businesses which are designed to address particular opportunities. Entrepreneurship is also defined as the process of determining, assessing and utilizing opportunities. Webster defined an entrepreneur as “one who undertakes to start and conduct an enterprise or business, usually assuming full control and risk.”
Business is the social science of managing people to direct their collective efforts towards accomplishing organization goals and to earn profits. It is derived from the word “busy” which is often perceived as doing something productive commercially.
Since a number of new businesses fail, an integral part of entrepreneurship then is taking risks. Entrepreneurs deal with these risks by creating solutions to problems. The vision of an entrepreneur is what drives the entrepreneurship. It also takes a lot of hard work and determination to grow an entrepreneurship.
Concept of Quality
The concept of quality is defined differently by various people. According to Gitlow et al., 1989 or Ozeki and Asaka, 1990, quality means the expectations that accompany a product or service being delivered which are: 1) is at par with customer standards, 2) meets and satisfy the needs of the customer, 3) meets the customer level of expectations, and 4) will meet unforeseen needs and aims in the future.
Management Process in an Entrepreneurship
Management refers to the ways of the personnel in charge of directing the organization, which in this instance is an entrepreneurship, through the utilization of resources such as labor, capital and assets whether tangible or intangible.
Being in the management connotes power and influence for the person. It is not unusual for an entrepreneur to do all the management functions at the start of the business. It is only later when the business grows that proper designation of functions can be made.
Managing an entrepreneurship means overseeing various functions such as:
